All of this to say that Bitcoin is obviously the way forward for global transactions, despite the fact it processes transactions as slow as molasses and the only way to make it faster (Lightning Network) is to sacrifice the checks and balances that maxis praise as the hallmark of Bitcoin lol
It's not a feature of cash that it can be stolen, every object can be stolen. The distinctive attribute is transactions are public and immutable.
A car can be driven by its owner anywhere they like. If someone described a car to you as a suicide box you can crash and die in - you might say yes, the fact that cars can be driven freely by their owners means you might drive into someone else. But that's a consequence of the feature, not the feature itself.
Overall you get more control of your money. If you think of money as just another kind of information, it's normal to expect it to evolve in the digital age we are living in.
unless you store a hard wallet in your intestines and memorize the recovery words (better hope you don't forget any or your life savings is gone!)
Enough with the jokes! Real question: Sometimes you read about FBI chasing down ransomware groups and recovering Bitcoins. How do they do it? If they can identify the wallet, how do they lay claim? Do they find where the wallet is hosted and force exchange to transfer wallet to FBI?
Please don't read this post as an attempt to defend Bitcoin, nor say that FBI is a good way for me to reverse a fraudulent Bitcoin transaction!
All lies.
> unless you store a hard wallet in your intestines and memorize the recovery words (better hope you don't forget any or your life savings is gone!)
Lies. Just write them down and store them securely. You can memorize them if you like. It's also wise to store multiple physical copies in various locations to avoid this exact scenario.
> The cool thing about all of this is that it's a feature of Bitcoin to be able to irreversibly lose your life savings, without any ability to recoup your losses.
Yes, you can't be utterly careless (and I'm not sure what the argument is for wanting to be).
> the only way to make it faster (Lightning Network) is to sacrifice the checks and balances that maxis praise as the hallmark of Bitcoin
Yes, which makes sense for small transactions between trusted parties. Large transactions can and should be done on-chain (also with trusted parties).
--
I'll continue to listen to the signal [1], not the noise. What makes me happiest is that the people who deserve to win the most will win over the people who deserve it the least. It will be the greatest wealth transfer humanity has ever seen and it won't require any violence or coercion.
[1] https://twitter.com/LightningTipB0t/status/16150147987979919...
Doesn't bother to point out what part of it was a lie (because it isn't a lie)
> Lies. Just write them down and store them securely.
Welcome to the future of finance, make sure you don't lose your seed phrases written down on paper (it's the future, trust me bro)
> Yes, you can't be utterly careless
Contradicts saying that I was lying that you can lose your life savings due to phishing, scamming, or hacking, and that if you lose your seed phrases and can't access the wallet then your digital doubloons are gone forever
etc.
This "constantly being at risk of losing your life savings due to phishing, scamming, hacking, etc." is a lie. There is no inherent property of Bitcoin that makes you vulnerable to these. Any vulnerability in those regards is an individual issue, just like with the current system. You could mitigate those away with paid services under a Bitcoin standard (which is great because you could actually pick the vendor you thought could do the job best).
> Welcome to the future of finance, make sure you don't lose your seed phrases written down on paper (it's the future, trust me bro)
Perhaps you prefer steel? https://www.amazon.com/Safe-Seed-Stainless-Recovery-Passphra...
> Contradicts saying that I was lying that you can lose your life savings due to phishing, scamming, or hacking, and that if you lose your seed phrases and can't access the wallet then your digital doubloons are gone forever
Fair enough. This is where an exchange comes in. You still have the option to trust a third-party to hold your Bitcoin if you wish. But of course, that comes with its own risks, just like trusting a bank (which can only ever guarantee up to $250K worth of your money under FDIC).
Of course, wealth transfer from the poor rubes to the rich fools.